With its impressive price increase, the DeFi token Lido DAO (LDO) recently made waves in the crypto space. According to CoinMarketCap data, LDO reached a new 52-week high of $3.60 on January 6, representing a remarkable increase of more than 15%.
The crypto community was drawn to a notable event when a whale trader known as 0xfc9 executed a significant move on Coinbase.
This trader swapped Render for Lido DAO in the early hours of Saturday, making a strategic move in the volatile market.
The whale withdrew a significant amount of LDO tokens, approximately 450,000, worth approximately $1.5 million.
They simultaneously deposited 750,000 RNDR tokens, totaling around $3.01 million. This transaction took place during a period of market volatility.
Following these transactions, the price of RNDR fell 11% the next day, while the price of LDO rose 15%. The trader profited from their moves by trading seven additional tokens, including Fetch.ai (FET) and Aave (AAVE), for a total of $8.95 million.
Despite reaching a 52-week high, the price of LDO eventually stabilized. LDO is currently trading at $3.28, up 3.54% in the last 24 hours, according to the most recent update.
This represents a slight decline from its recent peak, highlighting the inherent volatility of the cryptocurrency market.
However, LDO has shown impressive gains, with a 30% increase in the last 30 days and a whopping 119% increase over the last year.
While recent positive developments have contributed to its upward momentum, it is important to note that LDO is still trading well below its all-time high of $11.
